Prescriptive analytics equips users with the best tools for the situation by optimizing and streamlining the process of choosing between the different available and usable options.
Decision support systems (real-time data processing, event management, machine learning, etc.) combined with business process management systems allows to automate the decision making process and subsequent actions.
This branch of analytics is at the very top of Gartner’s analytics maturity model, which starts with descriptive analytics and ends with prescriptive analytics, by way of diagnostic, real-time, and predictive analytics.
By combining predictive analytics, which models future events, with prescriptive analytics, which determines the potential impacts of the future outcomes of the range of options available to you, you can identify the perfect solution.
This places your organization in a better position to seize new opportunities, expand, discover new business models, and react faster by combining multiple internal and external factors in the time forecast.
The ability to use models to predict conditions and situations allows you to create different business scenarios and see how their application could lead to changes in the way you do business, since you’ll know the results before you take action.
By testing the outcome of a particular decision, you’ll have more complete and better quality results, allowing you to make more informed decisions.